§8-27-14. Bonds generally.
The authority is hereby empowered and authorized to provide by
resolution, from time to time, for the issuance of revenue bonds of
the authority for the purpose of paying all or any part of the cost
of acquiring, constructing or improving a system or systems, or any
part thereof, or the facilities and equipment therefor, as the case
may be, or for any other purpose or project authorized by the
provisions of this article. The purposes for which revenue bonds
may be issued may include the payment of all costs and estimated
costs incidental to or connected with the accomplishment of such
purpose or project including, without limitation, engineering,
inspection and legal fees, the fees of fiscal agents and financial
consultants and other fees, bond and other reserve funds, working
capital, bond interest estimated to accrue during the construction
period and for a period not to exceed two years thereafter, and
expenses of all proceedings for the authorization, issuance and
sale of the bonds.

The bonds of each issue shall be dated and shall bear interest
at such rate or rates as are approved by the authority, payable
semiannually, and shall mature at such time or times not exceeding
forty years from their date or dates as may be determined by the
authority, and may be made redeemable before maturity, at the
option of the authority, at such price or prices and under such
terms and conditions as may be fixed by the authority prior to the
issuance of the bonds. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto,
and shall fix the denomination or denominations of the bonds and
the place or places of payment of the principal and interest, which
may be at any banking institution or trust company within or
without the state. The bonds shall be signed by the president of
the authority or shall bear his facsimile signature, and the
official seal of the authority, or a facsimile thereof, shall be
impressed or imprinted thereupon and attested by the secretary of
the authority, and any coupons attached to the bonds shall bear the
facsimile signature of the president of the authority. All such
signatures, countersignatures and seal may be printed, lithographed
or mechanically reproduced, except that one of such signatures or
countersignatures on the bonds shall be manually affixed, unless
the resolution authorizing the issuance of such bonds shall
otherwise provide. If any officer whose signature or
countersignature or a facsimile of whose signature or
countersignature appears on bonds or coupons ceases to be such
officer before the delivery of the bonds, his signature shall be as
effective as if he had remained in office until such delivery. The
bonds may be issued in coupon or in registered form, or both, as
each authority may determine and provision may be made for the
registration of any coupon bonds as to principal alone, and also as
to both principal and interest, for the reconversion into coupon
bonds of any bonds registered as to both principal and interest,
and for the interchange of registered and coupon bonds. Notwithstanding the form or tenor thereof, and in the absence of
any express recital on the face thereof that the bond is
nonnegotiable, all such bonds shall be, and shall be treated as,
negotiable instruments for all purposes except when registered in
the name of a registered owner.

The authority may exchange its bonds, in whole or in part, for
any system or systems, or any parts thereof, or facilities and
equipment therefor, or may sell its bonds, in whole or in part, in
such manner either at public or private sale and for such price as
it may determine will best effect the purposes of this article and
be for the best interest of the authority: Provided, That if the
bonds be issued the minimum price for which they may be exchanged
or at which they may be sold shall be such that the interest cost
to the authority of the proceeds of the bonds shall not exceed the
interest rate per annum thereon computed to maturity according to
the standard table of bond values.

Prior to the preparation of definitive bonds, the authority
may, under like restrictions, issue interim receipts or temporary
bonds with or without coupons, exchangeable for definitive bonds
when such bonds shall have been executed and are available for
delivery. The authority may also provide for the replacement of
any bonds which shall become mutilated or shall be destroyed or
lost.

The authority is hereby empowered and authorized to provide by
resolution, from time to time, for the issuance, sale or exchange of revenue refunding bonds of such authority for the purpose of
refunding any bonds then outstanding which shall have been issued
under the provisions of this article, including the payment of any
redemption premium thereon, and any interest accrued or to accrue
to the date of redemption of such bonds, and the payment of all
expenses incidental thereto. The authority is further empowered
and authorized to provide by resolution, from time to time, for the
issuance, sale or exchange of revenue bonds of such authority for
the combined purpose of refunding any bonds then outstanding, as
herein provided, and paying all or any part of the cost of any
additional project or projects. All provisions of this article
applicable to the issuance of revenue bonds are applicable to the
issuance of refunding bonds and to the sale or exchange thereof.